Sumatec picked for hydrocarbon project by Halim Saad company

KUALA LUMPUR (Nov 29): SUMATEC RESOURCES BHD [] has been picked by Markmore Energy (Labuan) Ltd (MELL), which is controlled by Tan Sri Halim Saad, for a production sharing contract at an oil field near the Caspian Sea.

Sumatec said on Tuesday it had entered into a framework agreement with MELL for the proposed award of the project by the latter’s unit CaspiOilGas LLP.

CaspiOilGas is the concession holder and operator of the Shelly oil field which covers 354.45 sq km and is onshore next to Caspian Sea within the Mangyshlak peninsula in the south-western Manghystau province, Kazakhstan. Shelly oil field is a 25-year oil and gas concession awarded to CaspiOilGas by the Kazakhstan government on Aug 26, 2000.

SRK Consulting (Australasia) Pty Ltd, a mining consultant, estimated the Shelly oil field has proved plus probable hydrocarbon reserves of 122.3 million barrels of oil equivalent (mmboe) consisting 33.0 million barrels (mmbbl) of proved plus probable oil reserve and 89.3 million barrels of oil equivalent (mmboe) of proved plus probable gas resource.

“The proposed PSC is part of the company’s initiative to restore Sumatec onto stronger financial footing via, amongst others, a balance sheet reCONSTRUCTION [], injection of new funds and settlement with the group’s creditors,” said Sumatec.

Sumatec is finalising its regularisation plan under Practice Note 17 of Bursa Malaysia Securities Bhd Main Market Listing Requirements.

MELL is a unit of Markmore Sdn Bhd and the directors of Markmore are Halim and Abu Talib Abdul Rahman. Halim holds 99.99% equity stake in Markmore.



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Wellcall gains on dividend proposal

Wellcall Holdings Bhd, a Malaysian rubber-hose maker, rose the most in three months in Kuala Lumpur trading after it proposed a special interim dividend.

The stock gained 3.3 percent to RM1.26 at 9:41 a.m. local time, set for its steepest increase since Aug. 16. -- Bloomberg



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Sarawak Plant rises on beter Q3 results

Sarawak Plantation Bhd rose the most in almost two weeks in Kuala Lumpur trading after third-quarter net profit more than doubled to RM23.4 million.

The stock gained 2.2 percent to RM2.30 at 9:37 a.m. local time, set for its biggest increase since Nov. 17. -- Bloomberg



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Proton climbs on takeover speculation, higher TP

KUALA LUMPUR (Nov 29): Shares of PROTON HOLDINGS BHD [] rose to an intra-morning high of RM3.23 on Tuesday as UOB Kay Hian Malaysia Research raised the target price to RM3.05 on a possible takeover.

At 11.32am, it was up 11 sen to RM3.19. There were 1.10 million shares done at prices ranging from RM3.16 to RM3.23.

UOB Kay Hian Research upgrade Proton to a Hold from Sell previously raised its target price to RM3.05, after imputing a 15% discount (vs 30% previously) to RNAV.

“Should Proton be able to dispose the loss-making Lotus Group, every RM100 million raised from this potential disposal could add 20 sen/share to Proton’s RNAV,” it said.

The research house said there was some truth to the constant speculation of Proton’s impending takeover, after seeing Proton’s somewhat bullish share price action (uptrend but with high volatility) over the past two weeks, recent consolidation in the auto industry (MBM Resources buying Hirotako), ongoing reforms by ailing GLCs (eg Malaysia International Shipping Corporation (MISC) has just announced its decision to cease its liner operations, once thought to be a “sacred cow”).



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KL shares remain higher at mid-morning

Shares on Bursa Malaysia remained higher mid-morning as buying interest continued its upward momentum boosted by positive sentiment in regional markets and strong overnight close on Wall Street, dealers said.

At 10.45am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 0.79 per cent or 11.36 points to 1,442.91 after opening 6.22 points higher at 1,437.77.

Market breadth was positive with 392 gainers and 148 losers with turnover amounting to 418.52 million shares worth RM360.12 million.

A dealer said the benchmark index could remain in the positive territory supported by buying interest following improved risk appetite on fresh optimism that Europe's debt crisis would be contained.

Bursa Malaysia's Finance Index surged 119.04 points to 12,902.62, the Plantation Index increased 31.37 points to 7,640.10 and the Industrial Index was 13.05 points higher at 2,610.14.

The FTSE Bursa Malaysia Emas Index gained 76.24 points to 9,892.21, the Malaysia Mid 70 Index jumped 82.24 points to 10,778.15 and the FTSE Bursa Malaysia Ace Index added 25.41 points to 4,157.41.

Among active counters, Sumatec was flat at 31 sen while Sumatec-Warrants and Compugates were down 0.5 sen each at 17.5 sen and 8 sen, respectively.

For heavyweights, Maybank gained 5 sen to RM8.00, Sime Darby perked 14 sen to RM8.80 and CIMB rose 9 sen to RM6.83. -- Bernama



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Harvest loses ground in early trade

KUALA LUMPUR (Nov 29): Securities of Harvest Court Industries fell in early trade on Tuesday as the recent buying support for the counters seemed to have petered out.

At 9.46am, Harvest warrants fell 12 sen to 60 sen with 21,000 units done while the share price lost five sen to 92 sen with 131,000 shares done.

The FBM KLCI rose 6.86 points to 1,438.41. Turnover was 275.96 million shares valued at RM196.67 million. There were 350 gainers, 103 losers and 146 stocks unchanged.

The securities of Harvest Court are designated counters, a restriction imposed by Bursa Malaysia Securities on Nov 14 after recent warnings failed to stop the speculative trading activities.

The securities fell after the imposition of the trading curbs but later managed to stage a mild rally before declining again. The imposition of this ruling for the shares and the warrants are in force until further notice.



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MRCB gains on tripling Q3 profit

Malaysian Resources Corp, a property developer and builder, rose the most in almost a month in Kuala Lumpur trading after third-quarter profit almost tripled to RM10.7 million.

The stock gained 3.2 percent to RM1.95 at 9:03 a.m. local time, set for its biggest gain since Nov. 2. -- Bloomberg



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MISC heads north on plan to sell ships

MISC Bhd, Southeast Asia’s largest shipping line by market value, rose in Kuala Lumpur trading after saying it will raise funds by selling entire fleet of 16 container ships as it exits the liner industry.

The stock gained 1.2 percent to RM5.87 at 9:05 a.m. local time, set for its highest close since Nov. 24. -- Bloomberg



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